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The next Oatly? Swedish food tech N!CK’S secures $100 million

Swedish food tech company N!CK’S has announced a $100 million Series C funding toward creating additional healthy snacks and ice cream products that have a proprietary blend of sweeteners and ingredients, but with a fraction of the calories and no added sugar.

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Kinnevik, Ambrosia and Temasek co-led the round and were joined by Gullspang. The latest funding gives the company $160 million in total investments.

N!CK’S was founded in 2017 in Sweden when founder and head of R&D Niclas Luthman’s mother was diagnosed as a diabetic, and Luthman diagnosed as pre-diabetic, according to CEO  Carlos Altschul.

The company aims to set its treats apart with better-for-you ingredients that provide fewer calories, fat and sugar. The company uses no sugar in its products; instead, it sweetens them with natural alternatives including stevia, allulose, erythritol and xylitol. 

The new funding will accelerate the company’s goal of doubling its stores in the U.S. and Europe, hiring additional talent, marketing and making investments in R&D so that it can launch new products.

Magnus Jakobson, investment director at Kinnevik said “How people live and consume food is changing and is what is enabling new brands to be built,” “Companies like Oatly, Beyond and Impossible started the industry, but we have seen more breakouts in technology and new ways of reaching consumers with standalone brands. N!CK’S is a super exciting one, and even in the early days of the industry, is showing promise.”

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